The Reserve Bank of India had extended directions to Vasantdada Nagari Sahakari Bank ,Osmanabad for two months till May 31.
Reserve Bank of India may consider modifications of the Directions depending upon the circumstances, which would be known shortly.
The UCB was first placed under direction from the close of business on November 13, 2017.
The issue of Directions should not per se be construed as cancellation of banking license by the Reserve Bank of India. The bank will continue to undertake banking business with restrictions till its financial position improves.
